UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number: 001-38369
Zepp Health Corporation
(Registrant’s Name)
Huami Global Innovation Center
Building B2, Zhong’an Chuanggu
Technology Park
No. 900 Wangjiang West Road
Hefei, 230088
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
Exhibit 99.1 – Press Release
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Zepp Health Corporation |
| | |
|
| |
By: |
/s/ Leon Deng |
| |
Name: |
Leon Deng |
| |
Title: |
Chief Financial Officer |
Date: August 22, 2024
Exhibit 99.1
Zepp
Health Corporation Reports Second Quarter 2024 Unaudited Financial Results
MILPITAS,
Calif., August 21, 2024 /PRNewswire/ -- Zepp Health Corporation (“Zepp” or the “Company”) (NYSE: ZEPP)
today reported revenues of US$40.6 million; a basic and diluted net loss per share of US$0.04; and a basic and diluted net loss per ADS
of US$0.17 for the second quarter ended June 30, 2024; adjusted basic and diluted net loss per share of US$0.04; and adjusted basic
and diluted net loss per ADS of US$0.15. Each ADS represents four Class A ordinary shares.
Starting from the second quarter of 2024, the
Company changed its reporting currency from Renminbi (“RMB”) to U.S.dollar (“US$”), to reduce the impact of increased
volatility of the RMB to US$ exchange rate on the Company’s reported operating results. Since self-branded products sales of the
Company is more heavily exposed to U.S. dollar or quasi-U.S. dollar denominated markets, changing the reporting currency to US$ will more
accurately reflect the Company’s performance and underlying nature of its operations. Prior period numbers have been recast into
the new reporting currency accordingly.
Mr. Wang ‘Wayne’ Huang, Chairman
and CEO of Zepp, commented, “Our second quarter performance aligned with our guidance, highlighted by a sequential increase in self-branded
product sales and the achievement of a historically high gross margin. Despite a year-over-year decline in revenue, we are confident that
the most challenging phase of our transformation has now been successfully navigated."
Wang
added, “We recently launched Zepp OS 4, a major leap in wearable tech by integrating OpenAI's GPT-4, making Amazfit smartwatches
more effective wellness companions. As we gear up for IFA in Berlin, we're excited to unveil the T-Rex 3 outdoor smartwatch with our custom-designed
chips and new Open Wearable Stereo (OWS) earbuds. This integration of smartwatches, rings, and OWS headphones has created a seamless user
experience loop, giving us a competitive edge and positioning us for growth. Additionally, our R&D team has made significant AI breakthroughs,
and we plan to release new AI hardware within six months, marking a new chapter in wearable technology. These efforts are part of our
broader strategy to increase global visibility of our brand and products. By aligning with prominent athletes and sports events, we continue
to build a strong, recognizable brand identity and create meaningful connections with consumers worldwide. Through these brand and market
investments, we have solidified our presence in major populous countries such as China, India, and Brazil. Additionally, we achieved
a breakthrough in Germany, deepened our partnership with Decathlon in France, and steadily improved our global gross margin. We believe
our growth momentum will continue into the second half of the year.”
Mr. Leon
Deng, Zepp's Chief Financial Officer, added, “In the second quarter, our self-branded product sales increased by 6% sequentially,
while gross margin reached 40%, continuing the quarter-over-quarter expansion that began in the third quarter of 2023. This marks
the highest gross margin in the Company’s history. This improvement was largely driven by the higher gross margin of self-branded
products, thanks to a greater proportion of new products and a more selective approach to inventory clearance. We expect this positive
gross margin trend to persist into the second half of the year. It is important to reiterate our strategy of prioritizing profitability
and leveraging self-branded revenue to sustain the overall performance of the Company. Our net loss for the first half of 2024 narrowed
year-over-year despite a decrease in sales. With the new product launches planned for the second half of 2024, we are confident in a recovery
of profitability growth momentum. In addition, our cash balance remained steady at approximately USD129 million, with inventory levels
reaching their lowest point since the first quarter of 2023. We will continue executing our share repurchase program to demonstrate our
confidence in Zepp’s corporate strategy."
Second Quarter of 2024 Financial Summary
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
Number in millions, except for percentages and
per- share/ADS amounts | |
June 30,
2024 | | |
June 30,
2023 | | |
June 30,
2024 | | |
June 30,
2023 | |
| Revenue US$ | |
| 40.6 | | |
| 92.4 | | |
| 80.6 | | |
| 186.7 | |
| Gross margin | |
| 40.3 | % | |
| 22.0 | % | |
| 38.5 | % | |
| 18.9 | % |
| Net loss US$ | |
| (10.8 | ) | |
| (10.1 | ) | |
| (25.6 | ) | |
| (30.1 | ) |
| Adjusted EBIT US$3 | |
| (9.5 | ) | |
| (9.2 | ) | |
| (21.5 | ) | |
| (28.0 | ) |
| Net loss attributable to Zepp Health Corporation US$ | |
| (10.8 | ) | |
| (10.0 | ) | |
| (25.6 | ) | |
| (30.0 | ) |
| Adjusted net loss attributable to Zepp Health Corporation US$1 | |
| (9.9 | ) | |
| (8.5 | ) | |
| (22.4 | ) | |
| (24.9 | ) |
| Basic/diluted net loss per ADS US$ | |
| (0.17 | ) | |
| (0.16 | ) | |
| (0.39 | ) | |
| (0.49 | ) |
| Adjusted basic/diluted net loss per ADS US$2 | |
| (0.15 | ) | |
| (0.14 | ) | |
| (0.34 | ) | |
| (0.41 | ) |
| Units shipped in millions | |
| 1.3 | | |
| 3.8 | | |
| 2.5 | | |
| 7.3 | |
1
Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation
expenses. The tax effect from the adjustment of the Share-based compensation expenses is nil. See “Reconciliation of GAAP and Non-GAAP
Results” at the end of this press release.
2 Adjusted diluted net income/(loss) is the abbreviation
of adjusted net income/(loss) attributable to Zepp Health Corporation, which is a non-GAAP measure and excludes share-based compensation
expenses attributable to Zepp Health Corporation, and is used as the numerator in computation of adjusted basic and diluted net loss
per ADS attributable to Zepp Health Corporation.
3 Adjusted EBIT is a non-GAAP financial measure, which
is defined as net loss, excluding (i) share-based compensation expenses, (ii) income tax (benefit)/ expense, (iii) interest income, (iv)
interest expense.
Second
Quarter 2024 Financial Results
Revenues
Revenues
for the second quarter of 2024 reached US$40.6 million, a decrease by 56.0% from the second quarter of 2023. The decrease was primarily
due to the decrease in the sales of Xiaomi wearable products, as well as the decrease in sales of self-branded products, as the launch
of new self-branded products is more heavily weighted towards the second half of 2024. However, compared with the first quarter of 2024,
revenue increased by 1.7%, primarily driven by the increase of self-branded products sales, which more than offset the decline in the
sales of Xiaomi wearable products.
Total units shipped in the second quarter of 2024
decreased by 65.8% year-over-year to 1.3 million, compared with 3.8 million in the second quarter of 2023.
Gross Margin
Gross
margin in the second quarter of 2024 was 40.3%, compared to 22.0% in the same period of 2023. We reached another record-high quarterly
gross margin since the third quarter of 2023, supported by the strong performance of our self-branded products and a more favourable product
mix, with a higher proportion of new products and a reduction in clearance sales, which typically have lower margins.
Research and Development Expenses
Research
and development expenses in the second quarter of 2024 were US$10.8 million, a decrease by 15.3% year-over-year. This accounted
for 26.6% of revenues, compared to 13.8% for the same period in 2023. The decrease in research and development expenses was as a result
of our refined research and development approaches, as we consistently evaluated resource efficiency to ensure maximum return on investment
and productivity. We are committed to investing in new technologies, including AI, to maintain our competitive edge against our peers.
Selling and Marketing Expenses
Selling
and marketing expenses in the second quarter of 2024 were US$10.6 million, a slight increase by 3.3% year-over-year. This accounted
for 26.0% of revenues, compared to 11.0% for the same period in 2023.
The
increase was primarily as a result of the investment in marketing campaigns during the summer sports season to boost our brand
awareness. At the same time, we consistently pushed on retail profitability and channel mix improvement, which included meticulous refinement
of our retail channels and strategic staffing arrangements across sales regions. We are committed to investing efficiently in marketing
and branding to ensure our sustained growth.
General and Administrative Expenses
General
and administrative expenses were US$4.9 million in the second quarter of 2024, a decrease by 37.2% year-over-year. This accounted
for 11.9% of revenues, compared with 8.3% in the same period in 2023. The decrease in absolute value was largely attributable to our personnel
optimization initiative and strict administrative expense control.
Operating Expenses
Total
operating expenses for the second quarter of 2024 were US$26.2 million, a decrease by 14.6% year-over-year. Adjusted operating
expenses, which exclude share-based compensation, were US$25.3 million. We will maintain our cost-conscious approach in the upcoming quarters.
We expect our operating expenses to either remain at current levels or decrease further. Concurrently, we remain committed to investing
in R&D and marketing activities to ensure our long-term competitiveness.
Operating
Income/(Loss)
Operating
loss for the second quarter of 2024 was US$9.9 million, compared to US$10.4 million for the second quarter of 2023. Adjusted operating
loss for the second quarter of 2024 was US$9.0 million, compared to US$8.8 million for the second quarter of 2023. Operating loss was
narrowed largely due to the improved gross margin of our self-branded products and reduced operating expenses.
Net
Income/(Loss)
Net
loss attributable to Zepp Health Corporation for the second quarter of 2024 was US$10.8 million, compared to US$10.0 million in
the second quarter of 2023. Adjusted net loss attributable to Zepp Health Corporation, which excludes share-based compensation expenses
attributable to Zepp Health Corporation, was US$9.9 million, compared to US$8.5 million in the second quarter of 2023. Net loss and adjusted
net loss attributable to Zepp Health Corporation for the first half of 2024 was US$25.6 million and US$22.4 million, both of which represent
an improvement as compared to US$30.0 million and US$24.9 million in the first half of 2023, respectively.
Liquidity and Capital Resources
As
of June 30, 2024, the Company had cash and cash equivalents and restricted cash of US$128.7 million, which was in similar
level compared with the first quarter of 2024, despite a loss position. This cash position provides run way for the company to invest
and seize potential market opportunities.
The
Company continued to manage its working capital and inventory efficiently and recorded inventory levels of US$71.9 million as of
June 30, 2024. This reached another lowest level since June 30, 2019, marking a decrease by 1.3% and 29.8% compared with March 31,
2024 and June 30, 2023, respectively. We will continue to manage working capital tightly. Also, we anticipate further reductions
in our debt level in the upcoming quarters.
Shares Outstanding
As of June 30, 2024, the Company had a total
of 236.5 million common shares outstanding, representing the equivalent of 59.1 million ADSs assuming the conversion of all common shares
into ADSs.
Share Repurchase Program Update
The
Company announced in its third quarter 2021 earnings release that the board had authorized a share repurchase program of up to US$20 million
through November 2022. On November 21, 2022, the board authorized a 12-month extension of the Company’s share
repurchase program. On November 20, 2023, the board further authorized the Company to extend its share repurchase program for another
12 months. Pursuant to the extended share repurchase program, the Company may repurchase its shares in the form of American depositary
shares and/or ordinary shares through November 2024 with an aggregate value equal to the remaining balance under the share repurchase
program. As of June 30, 2024, the Company had used US$14.1 million to repurchase 6,223,578 ADSs. The Company expects to fund the
repurchases under the extended share repurchase program out of its existing cash balance.
Outlook
For
the third quarter of 2024, the Company’s management currently expects net revenues to be between US$45 million and US$60
million, it represents 18% to 59% growth for revenue of self-branded products compared with second quarter of 2024.
This outlook is based
on current market conditions and reflects the Company’s current and preliminary estimates of market, operating conditions and customer
demand, which are all subject to change.
Conference Call
The
Company’s management team will hold a conference call at 9:30 p.m. Eastern Time on Wednesday, August 21, 2024 (9:30
a.m. Beijing Time on August 22, 2024) to discuss financial results and answer questions from investors and analysts. Listeners
may access the call by dialing:
| US (Toll Free): |
+1-888-346-8982 |
| International: |
+1-412-902-4272 |
| Mainland China (Toll Free): |
400-120-1203 |
| Hong Kong (Toll Free): |
800-905-945 |
| Hong Kong: |
+852-3018-4992 |
Participants should dial in at least 10 minutes
before the scheduled start time and ask to be connected to the call for “Zepp Health Corporation”.
Additionally, a live and archived webcast of the
conference call will be available at http://ir.zepp.com.
A
telephone replay will be available one hour after the call until August 28, 2024 by dialing:
| US Toll Free: |
+1-877-344-7529 |
| International: |
+1-412-317-0088 |
| Replay Passcode: |
2544714 |
About
Zepp Health Corporation
Zepp
Health Corporation (NYSE: ZEPP) is a global smart wearable and health technology leader, empowering users to live their healthiest lives
by optimizing their health, fitness, and wellness journeys through its leading consumer brands, Amazfit, Zepp Clarity and Zepp Aura.
Powered by its proprietary Zepp Digital Management Platform, which includes the Zepp OS, AI chips, biometric sensors and data algorithms,
Zepp delivers cloud-based 24/7 actionable insights and guidance to help users attain their wellness goals. To date, Zepp has shipped over
200 million units, and its products are available in more than 90 countries and regions. Founded in 2013 as Huami Corp., the Company changed
its name to Zepp Health Corporation in February 2021 to emphasize its health focus with a name that resonates across languages
and cultures globally. Zepp has team members and offices across globe, especially in Europe and USA regions.
Use of Non-GAAP Measures
We
use adjusted net income/(loss), a non-GAAP financial measure, in evaluating our operating results and for financial and operational
decision-making purposes. Adjusted operating expenses represent operating expenses excluding share-based compensation expenses. Adjusted
operating income/(loss) represents operating income/(loss) excluding share-based compensation expenses. Adjusted EBIT represents net income/(loss)
excluding share-based compensation expenses, income tax (benefit)/expense, interest income and interest expense. Adjusted net income/(loss)
represents net income/(loss) excluding share-based compensation expenses, and such adjustment has no impact on income tax. Adjusted net
income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable
to Zepp Health Corporation, and is used as the numerator in computation of adjusted net income/(loss) per share and per ADS attributable
to Zepp Health Corporation.
We believe that adjusted net income/(loss), adjusted
EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation help identify underlying trends in our business that could
otherwise be distorted by the effect of certain expenses that we include in net income/(loss) and net income/(loss) attributable to Zepp
Health Corporation. We believe that adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health
Corporation provides useful information about our operating results, enhances the overall understanding of our past performance and future
prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Adjusted net income/(loss), adjusted EBIT and
adjusted net income/(loss) attributable to Zepp Health Corporation, should not be considered in isolation or construed as an alternative
to net income/(loss), basic and diluted net income/(loss) per share and per ADS attributable to Zepp Health Corporation or any other measure
of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures
to the most directly comparable GAAP measures. Adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to
ordinary shareholders, presented here may not be comparable to similarly titled measures presented by other companies. Other companies
may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors
and others to review our financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident”
and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual
results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the cooperation
with Xiaomi, the recognition of the Company’s self-branded products; the Company’s growth strategies; trends and competition
in global wearable technology market; changes in the Company’s revenues and certain cost or expense accounting policies; governmental
policies relating to the Company’s industry and general economic conditions in China and the global. Further information regarding
these and other risks is included in the Company’s filings with the United States Securities and Exchange Commission. All information
provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation
to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Zepp Health Corporation
Grace Yujia Zhang
Email: ir@zepp.com
Piacente Financial Communications
Tel: +86-10-6508-0677
Email: zepp@tpg-ir.com
Zepp Health Corporation
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of U.S. dollars ("US$")
except for number of shares and per share data, or otherwise noted)
| | |
As of December 31, | | |
As of June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Assets | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
| 133,669 | | |
| 118,601 | |
| Restricted cash | |
| 6,800 | | |
| 10,070 | |
| Accounts receivable, net | |
| 60,727 | | |
| 42,183 | |
| Amounts due from related parties | |
| 8,605 | | |
| 5,531 | |
| Inventories, net | |
| 84,887 | | |
| 71,908 | |
| Short-term investments | |
| 5,153 | | |
| 4,770 | |
| Prepaid expenses and other current assets | |
| 16,891 | | |
| 16,722 | |
| Total current assets | |
| 316,732 | | |
| 269,785 | |
| | |
| | | |
| | |
| Property, plant and equipment, net | |
| 8,929 | | |
| 7,881 | |
| Intangible asset, net | |
| 9,868 | | |
| 8,561 | |
| Goodwill | |
| 9,581 | | |
| 9,581 | |
| Long-term investments | |
| 238,540 | | |
| 234,543 | |
| Deferred tax assets | |
| 32,401 | | |
| 31,480 | |
| Amount due from related parties, non-current | |
| 2,951 | | |
| 3,255 | |
| Other non-current assets | |
| 9,698 | | |
| 7,647 | |
| Operating lease right-of-use assets | |
| 6,819 | | |
| 4,446 | |
| Total assets | |
| 635,519 | | |
| 577,179 | |
Zepp Health Corporation
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
- CONTINUED
(Amounts in thousands of U.S. dollars ("US$")
except for number of shares and per share data, or otherwise noted)
| | |
As of December 31, | | |
As of June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Liabilities | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
| 37,286 | | |
| 26,344 | |
| Advance from customers | |
| 233 | | |
| 227 | |
| Amount due to related parties | |
| 3,475 | | |
| 2,709 | |
| Accrued expenses and other current liabilities | |
| 44,450 | | |
| 34,856 | |
| Income tax payables | |
| 986 | | |
| 1,008 | |
| Notes payable | |
| 66,991 | | |
| 64,124 | |
| Short-term bank borrowings | |
| 1,690 | | |
| 65,362 | |
| Total current liabilities | |
| 155,111 | | |
| 194,630 | |
| Deferred tax liabilities | |
| 4,169 | | |
| 4,013 | |
| Long-term borrowings | |
| 120,020 | | |
| 52,902 | |
| Other non-current liabilities | |
| 270 | | |
| 67 | |
| Non-current operating lease liabilities | |
| 3,197 | | |
| 2,659 | |
| Total liabilities | |
| 282,767 | | |
| 254,271 | |
Zepp Health Corporation
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED
(Amounts in thousands of U.S. dollars (“US$”)
except for number of shares and per share data, or otherwise noted)
| | |
As of December 31, | | |
As of June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Equity | |
| | | |
| | |
| Ordinary shares | |
| 26 | | |
| 26 | |
| Additional paid-in capital | |
| 273,386 | | |
| 276,317 | |
| Treasury stock | |
| (12,874 | ) | |
| (14,061 | ) |
| Accumulated retained earnings | |
| 104,351 | | |
| 78,745 | |
| Accumulated other comprehensive loss | |
| (14,008 | ) | |
| (19,500 | ) |
| Total Zepp Health Corporation shareholders’ equity | |
| 350,881 | | |
| 321,527 | |
| Noncontrolling interest | |
| 1,871 | | |
| 1,381 | |
| Total equity | |
| 352,752 | | |
| 322,908 | |
| Total liabilities and equity | |
| 635,519 | | |
| 577,179 | |
Zepp Health Corporation
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of U.S. dollars (“US$”)
except for number of shares and per share data, or otherwise noted)
| | |
For the Three Months Ended June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Revenues | |
| 92,449 | | |
| 40,642 | |
| Cost of revenues | |
| (72,124 | ) | |
| (24,281 | ) |
| Gross profit | |
| 20,325 | | |
| 16,361 | |
| Operating expenses: | |
| | | |
| | |
| Selling and marketing | |
| (10,214 | ) | |
| (10,555 | ) |
| General and administrative | |
| (7,727 | ) | |
| (4,853 | ) |
| Research and development | |
| (12,771 | ) | |
| (10,818 | ) |
| Total operating expenses | |
| (30,712 | ) | |
| (26,226 | ) |
| Operating loss | |
| (10,387 | ) | |
| (9,865 | ) |
| | |
| | | |
| | |
Other
income and expenses: | |
| | | |
| | |
| Interest income | |
| 848 | | |
| 948 | |
| Interest expense | |
| (1,756 | ) | |
| (1,373 | ) |
| Other (expense)/income, net | |
| (112 | ) | |
| 127 | |
| Gain/(loss) from fair value change of long-term investments | |
| 541 | | |
| (300 | ) |
| Loss before income tax and loss from equity method investments | |
| (10,866 | ) | |
| (10,463 | ) |
| Income tax benefits/(expenses) | |
| 1,656 | | |
| (47 | ) |
| Loss before income from equity method investments | |
| (9,210 | ) | |
| (10,510 | ) |
| Net loss from equity method investments | |
| (856 | ) | |
| (337 | ) |
| Net loss | |
| (10,066 | ) | |
| (10,847 | ) |
| Less: Net loss attributable to noncontrolling interest | |
| (26 | ) | |
| (10 | ) |
| Net loss attributable to Zepp Health Corporation | |
| (10,040 | ) | |
| (10,837 | ) |
| Net loss per share attributable to Zepp Health Corporation | |
| | | |
| | |
| Basic loss per ordinary share | |
| (0.04 | ) | |
| (0.04 | ) |
| Diluted loss per ordinary share | |
| (0.04 | ) | |
| (0.04 | ) |
| | |
| | | |
| | |
| Net loss per ADS (4 ordinary shares equal to 1 ADS) | |
| | | |
| | |
| ADS – basic | |
| (0.16 | ) | |
| (0.17 | ) |
| ADS – diluted | |
| (0.16 | ) | |
| (0.17 | ) |
| | |
| | | |
| | |
| Weighted average number of shares used in computing net loss per share | |
| | | |
| | |
| Ordinary share – basic | |
| 243,550,673 | | |
| 260,399,926 | |
| Ordinary share – diluted | |
| 243,550,673 | | |
| 260,399,926 | |
Zepp Health Corporation
Reconciliation of GAAP and Non-GAAP Results
(Amounts in thousands of U.S. dollars ("US$")
except for number of shares and per share data, or otherwise noted)
| | |
For the Three Months Ended June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Total operating expenses | |
| (30,712 | ) | |
| (26,226 | ) |
| Share-based compensation expenses1 | |
| 1,590 | | |
| 906 | |
| Total adjusted operating expenses | |
| (29,122 | ) | |
| (25,320 | ) |
| | |
| | | |
| | |
| Operating loss | |
| (10,387 | ) | |
| (9,865 | ) |
| Share-based compensation expenses | |
| 1,590 | | |
| 906 | |
| Adjusted operating loss | |
| (8,797 | ) | |
| (8,959 | ) |
| | |
| | | |
| | |
| Net loss | |
| (10,066 | ) | |
| (10,847 | ) |
| Share-based compensation expenses | |
| 1,590 | | |
| 906 | |
| Income tax (benefits)/expenses | |
| (1,656 | ) | |
| 47 | |
| Interest income | |
| (848 | ) | |
| (948 | ) |
| Interest expense | |
| 1,756 | | |
| 1,373 | |
| Adjusted EBIT | |
| (9,224 | ) | |
| (9,469 | ) |
| | |
| | | |
| | |
| Net loss attributable to Zepp Health Corporation | |
| (10,040 | ) | |
| (10,837 | ) |
| Share-based compensation expenses | |
| 1,590 | | |
| 906 | |
| Adjusted net loss attributable to Zepp Health Corporation1 | |
| (8,450 | ) | |
| (9,931 | ) |
| Adjusted net loss per share attributable to Zepp Health Corporation | |
| | | |
| | |
| Adjusted basic loss per ordinary share | |
| (0.03 | ) | |
| (0.04 | ) |
| Adjusted diluted loss per ordinary share | |
| (0.03 | ) | |
| (0.04 | ) |
| | |
| | | |
| | |
| Adjusted net loss per ADS (4 ordinary shares equal to 1 ADS) | |
| | | |
| | |
| ADS – basic | |
| (0.14 | ) | |
| (0.15 | ) |
| ADS – diluted | |
| (0.14 | ) | |
| (0.15 | ) |
| | |
| | | |
| | |
| Weighted average number of shares used in computing adjusted net loss per share | |
| | | |
| | |
| Ordinary share – basic | |
| 243,550,673 | | |
| 260,399,926 | |
| Ordinary share – diluted | |
| 243,550,673 | | |
| 260,399,926 | |
| | |
| | | |
| | |
| Share-based compensation expenses included are follows: | |
| | | |
| | |
| Selling and marketing | |
| 138 | | |
| 87 | |
| General and administrative | |
| 752 | | |
| 412 | |
| Research and development | |
| 700 | | |
| 407 | |
| Total | |
| 1,590 | | |
| 906 | |
Zepp Health Corporation
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of U.S. dollars (“US$”)
except for number of shares and per share data, or otherwise noted)
| |
|
For the Six Months Ended June 30, |
|
| |
|
2023 |
|
|
2024 |
|
| |
|
US$ |
|
|
US$ |
|
| Revenues |
|
|
186,742 |
|
|
|
80,599 |
|
| Cost of revenues |
|
|
(151,387 |
) |
|
|
(49,538 |
) |
| Gross profit |
|
|
35,355 |
|
|
|
31,061 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Selling and marketing |
|
|
(22,787 |
) |
|
|
(21,324 |
) |
| General and administrative |
|
|
(15,009 |
) |
|
|
(11,273 |
) |
| Research and development |
|
|
(30,014 |
) |
|
|
(24,239 |
) |
| Total operating expenses |
|
|
(67,810 |
) |
|
|
(56,836 |
) |
| Operating loss |
|
|
(32,455 |
) |
|
|
(25,775 |
) |
| |
|
|
|
|
|
|
|
|
| Other income and expenses: |
|
|
|
|
|
|
|
|
| Interest income |
|
|
1,452 |
|
|
|
1,960 |
|
| Interest expense |
|
|
(3,702 |
) |
|
|
(2,816 |
) |
| Other (expense)/income, net |
|
|
(402 |
) |
|
|
195 |
|
| Gain from fair value change of long-term investments |
|
|
998 |
|
|
|
1,803 |
|
| Investment income |
|
|
34 |
|
|
|
- |
|
| Loss before income tax and loss from equity method investments |
|
|
(34,075 |
) |
|
|
(24,633 |
) |
| Income tax benefits/(expenses) |
|
|
5,271 |
|
|
|
(119 |
) |
| Loss before income from equity method investments |
|
|
(28,804 |
) |
|
|
(24,752 |
) |
| Net loss from equity method investments |
|
|
(1,284 |
) |
|
|
(896 |
) |
| Net loss |
|
|
(30,088 |
) |
|
|
(25,648 |
) |
| Less: Net loss attributable to noncontrolling interest |
|
|
(54 |
) |
|
|
(42 |
) |
| Net loss attributable to Zepp Health Corporation |
|
|
(30,034 |
) |
|
|
(25,606 |
) |
| Net loss per share attributable to Zepp Health Corporation |
|
|
|
|
|
|
|
|
| Basic loss per ordinary share |
|
|
(0.12 |
) |
|
|
(0.10 |
) |
| Diluted loss per ordinary share |
|
|
(0.12 |
) |
|
|
(0.10 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss per ADS (4 ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
| ADS – basic |
|
|
(0.49 |
) |
|
|
(0.39 |
) |
| ADS – diluted |
|
|
(0.49 |
) |
|
|
(0.39 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average number of shares used in computing net loss per share |
|
|
|
|
|
|
|
|
| Ordinary share – basic |
|
|
243,947,113 |
|
|
|
259,962,803 |
|
| Ordinary share – diluted |
|
|
243,947,113 |
|
|
|
259,962,803 |
|
Zepp Health Corporation
Reconciliation of GAAP and Non-GAAP Results
(Amounts in thousands of U.S. dollars ("US$")
except for number of shares and per share data, or otherwise noted)
| | |
For the Six Months Ended June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Total operating expenses | |
| (67,810 | ) | |
| (56,836 | ) |
| Share-based compensation expenses1 | |
| 5,107 | | |
| 3,189 | |
| Total adjusted operating expenses | |
| (62,703 | ) | |
| (53,647 | ) |
| | |
| | | |
| | |
| Operating loss | |
| (32,455 | ) | |
| (25,775 | ) |
| Share-based compensation expenses | |
| 5,107 | | |
| 3,189 | |
| Adjusted operating loss | |
| (27,348 | ) | |
| (22,586 | ) |
| | |
| | | |
| | |
| Net loss | |
| (30,088 | ) | |
| (25,648 | ) |
| Share-based compensation expenses | |
| 5,107 | | |
| 3,189 | |
| Income tax (benefits)/expenses | |
| (5,271 | ) | |
| 119 | |
| Interest income | |
| (1,452 | ) | |
| (1,960 | ) |
| Interest expense | |
| 3,702 | | |
| 2,816 | |
| Adjusted EBIT | |
| (28,002 | ) | |
| (21,484 | ) |
| | |
| | | |
| | |
| Net loss attributable to Zepp Health Corporation | |
| (30,034 | ) | |
| (25,606 | ) |
| Share-based compensation expenses | |
| 5,107 | | |
| 3,189 | |
| Adjusted net loss attributable to Zepp Health Corporation1 | |
| (24,927 | ) | |
| (22,417 | ) |
Adjusted net loss per share attributable to
Zepp Health Corporation | |
| | | |
| | |
| Adjusted basic loss per ordinary share | |
| (0.10 | ) | |
| (0.09 | ) |
| Adjusted diluted loss per ordinary share | |
| (0.10 | ) | |
| (0.09 | ) |
| | |
| | | |
| | |
| Adjusted net loss per ADS (4 ordinary shares equal to 1 ADS) | |
| | | |
| | |
| ADS – basic | |
| (0.41 | ) | |
| (0.34 | ) |
| ADS – diluted | |
| (0.41 | ) | |
| (0.34 | ) |
| | |
| | | |
| | |
| Weighted average number of shares used in computing adjusted net loss per share | |
| | | |
| | |
| Ordinary share – basic | |
| 243,947,113 | | |
| 259,962,803 | |
| Ordinary share – diluted | |
| 243,947,113 | | |
| 259,962,803 | |
| | |
| | | |
| | |
| Share-based compensation expenses included are follows: | |
| | | |
| | |
| Selling and marketing | |
| 314 | | |
| 337 | |
| General and administrative | |
| 2,316 | | |
| 1,472 | |
| Research and development | |
| 2,477 | | |
| 1,380 | |
| Total | |
| 5,107 | | |
| 3,189 | |
Grafico Azioni Zepp Health (NYSE:ZEPP)
Storico
Da Mar 2025 a Apr 2025
Grafico Azioni Zepp Health (NYSE:ZEPP)
Storico
Da Apr 2024 a Apr 2025
